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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
Fair Value Disclosures [Abstract] |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | The following tables set forth our financial assets as of September 30, 2022 and December 31, 2021 that are measured at fair value on a recurring basis during the period:
| September 30, 2022 |
| Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Total Estimated Fair Value |
| (in thousands) |
Cash | $ | 1,805,384 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,805,384 |
Level 1 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | 1,675,064 |  |  |  | 20 |  |  |  | (13,648 | ) |  |  | 1,661,436 |
U.S. government agency securities |  | 59,047 |  |  |  | 14 |  |  |  | (149 | ) |  |  | 58,912 |
Publicly traded equity securities (1) |  | 95,406 |  |  |  | 21,453 |  |  |  | — |  |  |  | 116,859 |
Level 2 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | 279,520 |  |  |  | 7 |  |  |  | (2,429 | ) |  |  | 277,098 |
Commercial paper |  | 336,741 |  |  |  | — |  |  |  | — |  |  |  | 336,741 |
Certificates of deposit |  | 172,524 |  |  |  | — |  |  |  | (2 | ) |  |  | 172,522 |
Total | $ | 4,423,686 |  |  | $ | 21,494 |  |  | $ | (16,228 | ) |  | $ | 4,428,952 |
(1) | In the second quarter of 2022, we reclassified a strategic investment from Level 3 to Level 1 at its fair value using the beginning-of-period approach, following the commencement of public market trading of the investment during the period (a portion of which was subject to short-term lock-up restrictions as of September 30, 2022).
| December 31, 2021 |
| Cost or Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Total Estimated Fair Value |
| (in thousands) |
Cash | $ | 1,966,966 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,966,966 |
Level 1 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | 811,092 |  |  |  | 1 |  |  |  | (1,454 | ) |  |  | 809,639 |
U.S. government agency securities |  | 77,409 |  |  |  | 1 |  |  |  | (8 | ) |  |  | 77,402 |
Publicly traded equity securities |  | 71,139 |  |  |  | 122,064 |  |  |  | — |  |  |  | 193,203 |
Level 2 securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | 143,124 |  |  |  | — |  |  |  | (207 | ) |  |  | 142,917 |
Commercial paper |  | 422,328 |  |  |  | — |  |  |  | (1 | ) |  |  | 422,327 |
Certificates of deposit |  | 80,431 |  |  |  | — |  |  |  | — |  |  |  | 80,431 |
Total | $ | 3,572,489 |  |  | $ | 122,066 |  |  | $ | (1,670 | ) |  | $ | 3,692,885 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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